Finding your ideal car is exciting. Whether it’s a zippy coupe to cruise down PA 29 or an SUV to carry the kids around Tunkhannock, Dallas, Harveys Lake, or Wilkes-Barre, Pennsylvania, becoming a car owner requires the same choice: will you buy or lease your vehicle? Leasing and buying cater to different wants and needs. We at Tunkhannock Ford break down what both leasing and buying entail, so you can find your perfect fit. Read on to learn more.
What is leasing? Leasing is the temporary ownership of a vehicle, typically from two to six years. During this period, you are paying for the depreciation of the car’s value as you drive it. Through leasing, you are protected from unexpected changes in the cost of depreciation of your vehicle.
When your lease is up, you will have the option to upgrade to a new model. So, if you need to transition from a Ford Mustang to an Explorer to have room for the kids, this transition can be done simply when you lease.
When you lease a vehicle, you can potentially have a lower monthly payment. As a result, you can consider investing in a higher trim level or one with additional features. When you drive a leased vehicle, usually most of the maintenance and services costs are covered, as the vehicle is often still under warranty. At the end of your lease term, you will have the option to purchase your leased vehicle or upgrade to a new one.
Through leasing, there are typically limits to the yearly mileage you drive. You’re also required to maintain the common goal of keeping the vehicle in good condition. Finding your ideal payment plan will require sitting down with our financing team to learn how a plan can be customized to your needs.
What is buying? Buying entails having full financial ownership of a vehicle. When you decide to buy your car, it will be yours to customize and use as you wish.
Buying also leads to additional flexibility. You’ll have the option to trade in or sell the vehicle at any time. There is no limit to the mileage you can drive when you buy a vehicle. You can customize it to match your personal preferences, such as adding a bed cover to your new Ford truck.
As with leasing, meeting with our financing team will help you leave with the payment plan that’s best for your lifestyle. If you are looking to secure long-term ownership of a car, buying may be more up your alley.
Have you decided that you are ready to lease or buy your next vehicle? Visit Tunkhannock Ford for a test drive, if you are a Tunkhannock, Dallas, Harveys Lake, or Wilkes-Barre, PA, driver ready for your next vehicle! Contact our team with any additional questions you may have about leasing vs. buying a vehicle. We look forward to working with you!